PAA vs PAGP
Plains ALL American Pipeline LP and Plains GP Holdings LP, side by side — 10 fiscal years reported in USD, drawn from SEC filings.
At a glance
Most recent reported year
| Metric | PAA | PAGP |
|---|---|---|
| Revenue | $44.3B | $44.3B |
| Net income | $1.4B | $260.0M |
| Gross margin | 8.7% | 8.7% |
| Net margin | 3.2% | 0.6% |
| Return on equity | — | — |
| Diluted EPS | — | $0.47 |
| Dividend / share | — | — |
| Payout ratio | — | — |
| Free cash flow | $2.3B | $2.3B |
| Equity | — | — |
| Net debt / equity | — | — |
| Current ratio | 0.96× | 0.96× |
| Revenue CAGR 5y | 13.7% | 13.7% |
| Profit CAGR 5y | — | — |
PAA and PAGP book revenue within 15% of each other, and keeps more of each dollar of revenue as profit (3.2% against 0.6%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner.
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Revenue by year
10 years side by side
| Fiscal year | PAA | PAGP |
|---|---|---|
| FY2025 | $44.3B | $44.3B |
| FY2024 | $48.9B | $48.9B |
| FY2023 | $47.3B | $47.3B |
| FY2022 | $57.3B | $57.3B |
| FY2021 | $42.1B | $42.1B |
| FY2020 | $23.3B | $23.3B |
| FY2019 | $33.7B | $33.7B |
| FY2018 | $34.1B | $34.1B |
| FY2017 | $26.2B | $26.2B |
| FY2016 | $20.2B | $20.2B |
Net income by year
Bottom line
| Fiscal year | PAA | PAGP |
|---|---|---|
| FY2025 | $1.4B | $260.0M |
| FY2024 | $772.0M | $103.0M |
| FY2023 | $1.2B | $198.0M |
| FY2022 | $1.0B | $168.0M |
| FY2021 | $593.0M | $60.0M |
| FY2020 | $-2.6B | $-568.0M |
| FY2019 | $2.2B | $331.0M |
| FY2018 | $2.2B | $334.0M |
| FY2017 | $856.0M | $-731.0M |
| FY2016 | $726.0M | $94.0M |
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